Driven by Our Promise Annual Report 2024/25
Our ambition is to deliver enduring patient impact in areas of high unmet medical need. CSL provides lifesaving products to patients in more than 100 countries and employs over 29,000 people. + READ MORE PAGE 18 INNOVATION EXCELLENCE AND INNOVATION CSL is one of the world’s largest collectors of human plasma CSL Plasma operates one of the world’s largest and most sophisticated plasma collection networks, with collection centres in the US and Europe. Plasma collected at CSL Plasma facilities is used by CSL Behring for the purpose of manufacturing and delivering its life-saving therapies to people in more than 100 countries. + READ MORE PAGES 32–33
CSL Message from the Chair 4 Message from the CEO 6 Performance Year in Review 8 CSL’s Strategy 10 CSL’s Sustainability Strategy 12 Value Creation 14 CSL’s Businesses and Outlook 16 Global Manufacturing Presence 19 Platforms, Therapeutic Areas and Product Portfolio 20 Material Risks 24 Healthier World Healthier Communities 27 Healthier Environment 35 IN THIS REPORT ANNUAL GENERAL MEETING The 2025 Annual General Meeting (AGM) of CSL Limited (ABN 99 051 588 348) will be held on Tuesday, 28 October 2025 at 10 a.m. (Melbourne time) at RACV City Club, Level 17, 501 Bourke St, Melbourne 3000. Governance Governance 40 Directors’ Report Remuneration Report 61 Financial Report Financial Report 90 Shareholder Information Shareholder Information 138 Key Performance Data Summary 141 Glossary 143 Corporate Directory 144 Sections which are read as part of the Operating and Financial Review (see page 52) 2025 19/8 Annual results and final dividend announcement 9/9 Shares trade ex‑dividend 10/9 Record date for final dividend 3/10 Final dividend paid 28/10 Annual General Meeting 31/12 Half Year ends 2026 10/2 Half Year results and interim dividend announcement 10/3 Shares trade ex‑dividend 11/3 Record date for interim dividend 9/4 Interim dividend paid 30/6 Full Year ends 18/8 Annual profit and final dividend announcement 9/9 Shares trade ex‑dividend 10/9 Record date for final dividend 2/10 Final dividend paid 27/10 Annual General Meeting 31/12 Half Year ends CSL CALENDAR ABOUT THIS REPORT This Annual Report combines CSL’s financial and non‑financial performance in one comprehensive report, linking CSL’s sustainability and strategic priorities to its business results. Unless otherwise stated, this report covers CSL’s controlled entities as disclosed within its consolidated entity disclosure statement included in the financial report. This 2025 Annual Report is a summary of CSL’s operations and activities for the year ended 30 June 2025 and financial position as at 30 June 2025. This report covers CSL’s global operations, including subsidiaries, unless otherwise noted. A reference to CSL, CSL Group, we, us and our and similar expressions refer collectively to CSL Limited and its related bodies corporate. Please refer to the inside back cover to read the legal notice and the disclaimers as they relate to forward looking statements, non-IFRS financial information and trademarks. + READ MORE AT INVESTORS.CSL.COM 1 CSL Limited Annual Report 2024/25
CSL CSL is a global biopharma company working to create enduring impact for patients and public health. OUR GLOBAL MANUFACTURING AND OFFICE PRESENCE OUR BUSINESS US$15.6b in annual revenue 100+ countries that CSL provides lifesaving products to patients US$2.92 dividend per share for 2025 CSL uses its deep expertise in plasma-derived therapies, vaccines and biotechnology to deliver medicines for serious and complex diseases such as haemophilia, immune deficiencies, influenza and iron deficiency anaemia. CSL innovates at every step of the process. It pioneers therapies and vaccines, improves patients’ and donors’ experiences, broadens access to treatments, and tackles complexity at scale through specialised manufacturing processes. Helping address unmet medical needs is what sets CSL apart. CSL’s focus on diseases where it has a fundamental advantage in understanding the disease and the science; and medicines with a high degree of specialist expertise or manufacturing differentiation. 29,000+ employees globally United States Puerto Rico 2
Leading the Way in Treating Rare and Serious Diseases CSL Behring discovers, develops and delivers innovative therapies for people living with a range of rare and serious health conditions. Securing Health for All of Us CSL Seqirus is a major contributor to the prevention of influenza globally and a transcontinental partner in pandemic preparedness. Changing the Game in Iron Deficiency and Nephrology CSL Vifor is a global partner of choice for pharmaceuticals and innovative leading therapies in iron deficiency and nephrology. + READ MORE ON PAGE 16 + READ MORE ON PAGE 17 + READ MORE ON PAGE 18 Australia Japan China Germany Netherlands United Kingdom Spain Switzerland Italy Hungary 3 CSL Limited Annual Report 2024/25
CSL Message from the Chair The past year has been significant to say the least with a great deal of uncertainty in the external environment. Our CEO Paul McKenzie is settling into the second year of his tenure and along with his leadership team is working with the Board of Directors to address some shortcomings in the way our business currently operates and in charting a path for continuing growth. CSL is a truly global company, and we have the flexibility and resilience to cope with shifting external trends. We also have the financial strength to make decisions now that will enhance shareholder value in the future. Your Directors and management team are focused on what we can control and, despite the complexity, the company has delivered strong financial results. This is due to the great work of our staff who work across 100 different countries. Focused strategy While CSL has a strong track record of sustainable, profitable growth, our operating environment has become increasingly complex and competitive. A company of our size must and does constantly evolve its strategy to deal with such changing times. We must also recognise that not all our investments have performed as we had anticipated. The detail in this report shows our strategic ambition of delivering enduring patient impact in areas of high unmet medical need. This underpins value creation for shareholders into the future. It’s what we’ve always done, but how we deliver on that ambition needs adjustment – our organisation needs to return to a more productive one. . We remain focused on five core therapeutic areas – but particularly in areas where CSL is uniquely positioned to outperform our competitors. In order to improve clinical and commercial execution, CSL has embarked on a series of strategic initiatives to help reduce cost and complexity. Although this is painful and has a significant cost impact in the coming financial year, these measures will drive further growth through transforming our approach to R&D, our portfolio and re-establishing the organisation with a leaner, more agile design. We must accelerate initiatives across a smaller number of sites and with fewer layers of management. We recognise that we must embark on these changes whilst preserving our underlying performance for you, our shareholders, next financial year and in the years to come. One of the key initiatives is the proposal to demerge CSL Seqirus to shareholders, as a substantial ASX-listed entity. There is a clear benefit for both entities in doing this, providing autonomy and allowing each of them to pursue separate growth strategies and focus on their core capabilities. CSL can be proud of the value it has created for shareholders with a decade long commitment to Seqirus but the time is right to free them to chart a successful, independent future. This also will assist us streamlining how our core CSL organisation looks and works. While these changes are among the most significant for our company in the last 20 years, the Board and management team are unified in our optimism in the outlook for both CSL and Seqirus. We remain confident we have the right settings to ensure we deliver sustainable growth for our shareholders and life-changing treatments for our patients. Governance and board renewal Part of my role is to ensure the CSL Board is regularly renewed and this year we were pleased to welcome two more new directors. Dr Brian Daniels is seeking election as a director. He has been a director since December 2024 and has more than 30 years’ experience in clinical development, commercialisation and biotech investing. Dr Daniels led development and medical affairs at Bristol-Myers Squibb and served as director of Danish pharmaceutical company Novo Nordisk until 2021. In June we announced that Cameron Price would join the board as a Non-executive Director effective 1 October. Cameron is a highly respected executive with extensive experience in the risk and legal fields. He has more than 35 years’ experience and from 2014 he was the General Counsel & Chief Risk Officer at the Future Fund, Australia’s sovereign wealth fund, which invests more than $300 billion globally. These new directors bring invaluable skills and expertise to your Board. Dear Shareholders, I am pleased to have this opportunity to share our results and operating review for the 2024/25 financial year on behalf of your Board. I am proud to report that CSL has stayed true to our mission of delivering for patients, communities and shareholders and encourage you to read our Chief Executive Officer’s communication and also that from Dr Megan Clark AC, who chairs our Human Resources and Remuneration Committee. 4
Engagement The Board of Directors has a strong focus on engaging with a broad range of stakeholders both within CSL and externally. To support engagement with these diverse parties the Board always takes time to visit different locations throughout CSL’s global network. In September 2024 the Board visited CSL’s European operations, including manufacturing plants and research and development facilities in Liverpool (UK), Bern (Switzerland) and Marburg (Germany). In June 2025 the Board held its meeting in Amsterdam, Netherlands, where it met with key external stakeholders including health economists, supply chain partners and researchers. We also celebrated the 25th anniversary of our manufacturing facility in Bern. This event underlined how integral CSL’s acquisition of ZLB in 2000 was to our growth and how important the company’s ongoing contribution is to the Swiss economy. I and some of my colleagues spend time each year meeting with our shareholders. These meetings allow us to listen to feedback from our investors, which we value greatly. One topic we know is top of mind for our shareholders is remuneration. Our investors sent a message at the Annual General Meeting in October – and we continue to listen. You can find the details on remuneration on page 61 of this report. We will continue to listen and respond to feedback in relation to our remuneration approach as well as any other issues important to our shareholders. Your Board is confident in the outlook for CSL and for our ability to deliver enduring patient impact in areas of high unmet medical need. Achieving this will allow us to provide sustainable, profitable growth for our shareholders. Once again, on behalf of the Board, I’d like to extend my thanks for your support. “The detail in this report shows our strategic ambition of delivering enduring patient impact in areas of high unmet medical need. This underpins value creation for shareholders into the future. It’s what we’ve always done.” Dr Brian McNamee AO Chairman 5 CSL Limited Annual Report 2024/25
CSL Message from the CEO CSL Vifor grew sales, underpinned by our nephrology products and new country launches. Whilst CSL Seqirus was negatively impacted by low influenza immunisation rates, particularly in the United States, this was partially offset by strong demand for avian influenza vaccine for pandemic protection. Throughout this report, you will find detailed information regarding the financial and operating highlights of CSL throughout the financial year. I will also add a few personal reflections of my own. Refocused strategy Having been Chief Executive Officer for two years, I’ve had time to work with my management team to laser focus our priorities and develop our ambition to deliver enduring patient impact in areas of high unmet medical need and to provide durable returns to our shareholders. CSL has a strong track record of sustainable, profitable growth. However, our operating environment has grown increasingly complex with a dynamic geopolitical backdrop and competitive pressures. We need to accelerate our innovation with our current commercial and clinical portfolio to ensure we’re successful through the next decade and our structure is fit for purpose. After many years of significant growth, it is important we stay committed to a winning formula that can deliver for years to come. I believe a simple and focused CSL is best for patients, our people and our shareholders and we have outlined plans to evolve our strategy to re-focus on what makes us unique: Patients: who need durable, effective treatments for, and protection from, serious diseases. Diseases: where we have a fundamental advantage in understanding the disease and science. Medicines: with a high degree of specialist expertise or manufacturing differentiation. My Priorities To achieve this, I’ve laid out three key priorities for the 2026 financial year and I’m pleased to report we are making good progress on them all. The first priority is to drive growth through the evolution of our portfolio development and commercialisation process. We will build an optimal portfolio of new therapies in our pipeline through an integrated approach. This will include closer collaboration between our R&D, business development and commercialisation teams. We will focus on areas where we are uniquely positioned to outperform our competitors and decide where we support our internal capabilities and where we seek to complete our portfolio through external partnerships. We can’t do everything on our own, in some areas we’re going to need partners. This will require changes in how we conduct R&D as we simplify our operating model, reduce duplication, improve efficiencies and consolidate our footprint around key global biotech hubs. We also announced plans to combine the commercial and medical functions of the Behring and Vifor businesses. We will continue to develop and deliver initiatives in our existing businesses like Ig and albumin yield enhancements and launch new products like Hemgenix, Andembry and Filspari. We will also continue to defend and grow Ig and iron volumes and CSL Seqirus will continue to expand geographic and customers segments in influenza. During the year there was no better example of how our pipeline can yield success than the launch of Andembry (garadacimab). In June this new treatment to prevent attacks of hereditary angioedema (HAE) was approved for sale in the United States, following regulatory approvals in Australia, the United Kingdom, the European Union, Japan, Switzerland and United Arab Emirates. It is the first and only treatment targeting factor XIIa for prophylactic use to protect against attacks of HAE in adult and paediatric patients. HAE occurs in about 1 in 50,000 people and causes severe swelling which can be life threatening. I’m so proud that Andembry is the first monoclonal antibody discovered and developed entirely by CSL’s scientists, from its earliest discovery to finished product. Its ingenuity and administration method offers people living with HAE long-term control over their disease. The second priority is to create value through operational excellence. We have been reshaping our operating model to focus on productivity and efficiency and in May I announced Mary Oates as our Chief Operating Officer and a member of our Global Leadership Group. Mary has deep industry experience and previously held roles at Sanofi and Pfizer. Mary will oversee a new Enterprise Operations organisation, which brings together manufacturing, quality, supply chain, technical operations and network strategy. Technical Operations will feature integrated teams organised by product or technology platform which will improve delivery speed, ownership, technical effectiveness and efficacy. Dear Shareholders, I am very pleased to share our annual report for financial year 2025. It has been a dynamic year in which CSL produced a solid result, with strong demand for our market-leading therapies leading to sales growth across CSL Behring’s immunoglobulin (Ig) portfolio and the launch of an exciting new product Andembry which was approved in US, Japan and EU. 6
The Enterprise Operations organisation will oversee initiatives to improve processes across manufacturing, technology, procurement and shared services and assist us in our goals to consistently improve the Behring margin and increase plasma volumes at a lower cost per litre. Our purpose and our people My final priority is to enable our people to deliver this exciting new future. We will continue to invest in our leaders to build skills, enhance engagement and increase productivity. This will help embed a culture of continuous learning and personal growth to ensure that our staff feel valued, included and engaged in our mission to deliver enduring patient impact. Outlook Over the longer term, like Brian and the Board, I believe your company is in a strong position to deliver on our mission for patients in need, our partners and our shareholders. Our therapies continue to be valued by patients and healthcare systems around the world. CSL Behring will continue to focus on improving gross margins, aided by the completion during the year of the RIKA roll-out across our plasma centres. While the market conditions for CSL Seqirus remain challenging, influenza will continue to impact the public health systems. The ability of a newly separated Seqirus business to pursue its own growth strategy with a dedicated management team and a differentiated strategy ensures it will be well placed to grow market share. At CSL Vifor, the iron market continues to evolve, but we expect to maintain a leadership position and build on the momentum in our nephrology business. I look forward to updating you next year on the progress we make during the 2026 financial year. In the meantime, please take the time to review the wealth of information in this report. As ever, thank you for your support of CSL. “After many years of significant growth, it is important we stay committed to a formula that can deliver for years to come. I believe a simple and focused CSL is best for patients, our people and our shareholders and we have outlined plans to evolve our strategy to re-focus on what makes us unique.” Dr Paul McKenzie Chief Executive Officer and Managing Director CSL Limited 7 CSL Limited Annual Report 2024/25
Year in Review (*) Limited assurance by Deloitte. (**) As at 30 June 2025. Financial Research and development Growth through portfolio development and commercialisation with integrated project focused mindset. Delivered CSL’s portfolio. People Enable CSL’s people to deliver the company’s future. 24,434 (80%) respondents to 2025 Employee Engagement Survey. 72.9%* 2025 Engagement Index. Expansion of mental health benefits via a third party provider to 43 countries for employees and their families. CSL has launched the CSL Community Impact Awards, a new initiative designed to support not-for-profit community organisations focused on health in Australia. 816 participants in the Frontline Leader (FFL) Program 97,789 global recognition moments shared in Celebrate the Promise Program** RiaSTAP® AFD CSL’s human fibrinogen concentrate is making progress in the treatment of acquired fibrinogen deficiency (AFD). In October, the first patient was treated in the Phase III study to evaluate the effectiveness of RiaSTAP® in managing bleeding episodes and to assess its overall safety profile in these patients. Strategically locate capabilities that need to collaborate to increase productivity, reduce complexity and drive innovation. Consolidation of R&D sites to create 6 anchor sites in the US, UK, Switzerland and Australia. + READ MORE ABOUT CSL’S R&D PIPELINE AT WWW.CSL.COM/RESEARCH-ANDDEVELOPMENT/PRODUCT-PIPELINE NPATA attributable to equity holders of US$3.2 billion for the year ended 30 June 2025, up 11% on a reported currency basis when compared to the prior comparable period. Strong growth in immunoglobulins portfolio, up 7% at constant currency. US$11,158m CSL Behring revenue US$2,166m CSL Seqirus revenue US$2,234m CSL Vifor revenue Cashflow from operations was $3,561 million, up 29%. The increase was driven by overall growth in sales, higher profitability and improved working capital management. 8 Performance
ANDEMBRY® • Inhibits the top of the HAE cascade by targeting factor XIIa and provides sustained protection from attacks. • Once-monthly dosing reduced HAE attacks by a median of more than 99% and a least squares mean of 89.2%, compared to placebo. ANDEMBRY® (garadacimab), the only treatment targeting factor XIIa for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and paediatric patients aged 12 years and older. By targeting factor XIIa, a plasma protein that plays a key role in attacks of swelling in people with HAE, ANDEMBRY® inhibits the top of the HAE cascade to prevent HAE attacks. ANDEMBRY®, the only treatment to offer once-monthly dosing from the start for all patients, is a subcutaneous self-injection delivered in 15 seconds or less via an autoinjector with a citrate-free formula. “ANDEMBRY®, the first monoclonal antibody discovered and developed entirely by CSL, offers people living with this life-threatening condition long-term control over their disease along with a convenient administration method. ANDEMBRY® underscores our longstanding and enduring commitment to better the lives of the patients we serve, including those suffering with HAE. I’d like to thank all the physicians, patients and my colleagues who contributed to this exciting milestone for HAE patients and CSL.” Bill Mezzanotte, MD, Executive Vice President, Head of R&D, CSL. HAE is a rare, chronic, and potentially life-threatening genetic disorder characterised by recurrent and unpredictable attacks of angioedema. Attacks of HAE are often painful and can affect multiple sites of the body, including the abdomen, larynx, face and extremities. HAE occurs in about 1 in 50,000 people of any ethnic group. Optimised launch excellence to outperform competition. Commercial During the period CSL Seqirus was recognised for its global leadership in pre-pandemic preparedness with the award of the vast majority of contracts for H5 avian flu. ANDEMBRY® Approved in the US, European Union (EU), United Kingdom (UK), Japan, Switzerland, Australia and the United Arab Emirates. The approval of ANDEMBRY® expands CSL’s HAE franchise and underscores the company’s legacy of delivering transformational innovations to the HAE community for over four decades. HEMGENIX® The first, one-time gene therapy treatment for adults with haemophilia B that offers long-term bleed protection, potentially eliminating the need for routine factor IX prophylaxis. HEMGENIX® was initially approved for use in the EU, UK, Canada, Switzerland and Australia and in FY2025, it was approved in Korea, Saudi Arabia, Hong Kong, Taiwan and Singapore. FILSPARI® In April 2025, the European Commission (EC) approved the conversion of the conditional marketing approval (CMA) for FILSPARI® into a standard marketing authorisation for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g). The EC’s decision is based on a comprehensive clinical data set, including positive confirmatory results from the pivotal Phase III PROTECT study that demonstrated FILSPARI® significantly slowed kidney function decline over two years compared to irbesartan. The EC’s decision marks a significant milestone in providing a non-immunosuppressive treatment option for patients with IgAN. 9 CSL Limited Annual Report 2024/25
CSL’s Strategy In FY2025 CSL continued to execute against the 2030 strategy. As the global landscape evolves rapidly, CSL is constantly evaluating how to build on its historical strength, developing a treatment pipeline through a mix of research and development, business development and commercialisation. The leading positions CSL has built across the Therapeutic Areas (refer to pages 20–23 to read more on these) puts CSL in a unique position to continue to deliver for patients and public health systems while also generating durable financial returns that support reinvestment in long-term growth and attractive shareholder returns. Underpinning the strategy are CSL Values: patient focus, innovation, integrity, collaboration and superior performance. The core elements of CSL’s strategy is shown right. ENDURING PATIENT IMPACT THERAPEUTIC AREAS VALUES FOCUS ON DELIVERING To deliver enduring patient impact in areas of high unmet medical need VALUES CSL Values are at the core of how employees interact with each other, make decisions and solve problems. PURPOSE The people and science of CSL save lives. CSL develops and delivers innovative medicines for patients who need durable, effective treatments for and protection from serious disease around the world. CSL Values guide the organisation in its aim of creating sustainable value for its stakeholders. Patient Focus Make people and patients your passion Integrity Walk your talk Innovation Reach for the unreachable Superior Performance Make yourself proud Collaboration Adventure together Our Strategic Ambition 10 Performance
Drive growth through Portfolio Development & Commercialisation Cross-functional portfolio leadership in how we source, discover, develop and drive demand for our life-changing medicines Create value through operational excellence Operational excellence across our network, undisputed end-to-end plasma leadership and accelerating enterprise initiatives to unlock value Enable our people and partners to deliver the company’s future Agile & empowered employees living our values, hand-in-hand with trusted partners, supported by business-focused enabling functions and transformative digital capabilities OUR FOCUS OUR AMBITIONS THERAPEUTIC AREAS Immunoglobulins Vaccines TO DELIVER THIS WE WILL: Patients Who need durable, effective treatment for, and protection from serious disease Diseases Where we have a fundamental advantage in understanding the disease and science Medicines With a high degree of specialist expertise of manufacturing differentiation Cardiovascular & Renal Transplant & Immunology Haematology 11 CSL Limited Annual Report 2024/25
CSL’s Sustainability Strategy Advancing CSL’s Sustainability Strategy In FY2025, CSL continued to deliver on its sustainability strategy, first launched in 2021, with a focus on two key pillars: Healthier Environment and Healthier Communities. Guided by CSL’s purpose and informed by the latest materiality assessment, CSL has made steady progress toward its long-term goals. KEY HIGHLIGHTS: HEALTHIER COMMUNITIES • CSL continues its longstanding partnership with the World Federation of Haemophilia (WFH), donating product specifically manufactured to treat patients with bleeding disorders globally. • In support of reaching more communities and patients through discounted products, CSL set a new aspirational commitment to treat up to 450,000 people with anaemia in at least three low- and middle-income countries with CSL Vifor’s Ferinject® by FY2030. • Continued investment in donor safety and wellbeing through CSL’s Donor experience initiatives, as outlined on pages 31–33. HEALTHIER ENVIRONMENT • Advanced toward CSL’s FY2030 target of a 42% absolute reduction in Scope 1 and 2 emissions from a FY2021 base year, supported by the launch of a Renewable-linked Power Purchasing Agreement covering all Australian sites. • 37% of global electricity now sourced from renewables, contributing to approximately 14% reduction in Scope 1 and 2 emissions from a FY2021 baseline. • Introduced Biodiversity as a new focus area, with site impact assessments underway and a target set for sourcing all paper and fibreboard used in product packaging from certified sustainable forestry. • Continued supplier engagement, with 54.2% of suppliers that contribute to CSL’s Scope 3 emissions now disclosing or aligning with Science-Based Targets initiatives (SBTi) targets. Despite a dynamic regulatory landscape, CSL remains committed to its sustainability ambitions. Some adjustments to the activities undertaken reflect the resilience of CSL’s strategy and its alignment with long-term business success and shared value creation. In addition to CSL’s strategic focus areas, a detailed sustainability materiality assessment is conducted every two years, to enable topics that matter most to CSL’s key stakeholders to be identified and reported. CSL’s most recent sustainability materiality assessment was undertaken in FY2024 following the GRI 3: Material Topics 2021 (GRI 3) standard. The prioritised results of this assessment and methodology, which received limited assurance in FY2024 by Deloitte, can be found on CSL.com. Embed an inclusive culture where all backgrounds and perspectives belong, develop, and thrive Everyone deserves the opportunity to achieve and maintain their highest level of health and wellbeing SUSTAINABILITY PILLARS INCLUSION & BELONGING HEALTH EQUITY & EMPOWERMENT HEALTHIER COMMUNITIES HEALTHIER ENVIRONMENT + READ MORE AT INVESTORS.CSL.COM Strategic Focus 12 Performance
Detailed throughout this report are existing commitments, such as CSL’s emissions reduction targets, and new initial commitments in support of performance across the focus areas detailed above. This includes a new initial commitment for Biodiversity and the expansion of the Company’s Access and affordability commitment. Find out more in the Healthier World section, from page 26. * Limited assurance in FY2024 by Deloitte. MATERIAL TOPICS* FOCUS AREAS + READ MORE ON PAGES 35–39 Donor experience – create best-in‑class donor experience in partnership with donors and communities Patient experience – elevate patient experience in drug development by embedding patient insights and lived experience Access and affordability – advance equitable access to medicines and vaccines Talent and culture – attract, develop, engage and retain top talent with diverse identities, cultures, backgrounds, skills and lived experiences Supplier – partner with suppliers/third parties who share CSL’s commitment to social and environmental responsibility Energy – undertake initiatives that reduce emissions internally and across its supply chain Waste – divert waste from landfill through reducing, reusing, recycling and composting Water – identify, prioritise and implement water reduction initiatives Biodiversity – mitigate the impact of business activities on nature through its direct operations and increase the resiliency of its supply chain via sustainable sourcing • Product innovation and research • Employee development and retention • Affordability and access to health • Product quality and safety • Clinical trial practices • Plasma donations • Employee health, safety and wellbeing • Environmental management • Climate and carbon, and energy efficiency • Ecosystems and biodiversity • Circularity, waste and resource management + READ MORE ON PAGES 20–24 + READ MORE ON PAGES 8 AND 25 + READ MORE ON PAGES 27–34 HEALTHIER COMMUNITIES HEALTHIER ENVIRONMENT Sustainability governance • Business ethics, integrity and compliance • Data protection and cybersecurity + READ MORE ON PAGES 49–51 13 CSL Limited Annual Report 2024/25
Value Creation KEY VALUE DRIVERS CSL’S VALUE CREATION CYCLE CSL’s ultimate goal is to deliver value through fulfilling unmet patient needs and protecting public health. With patients and public health at the core of our focus, we also strive to deliver sustainable financial growth for our shareholders and other stakeholders who rely on our operations for economic and social prosperity. CODE OF RESPONSIBLE BUSINESS PRACTICE SALES, MARKETING, POLICY EARLY STAGE RESEARCH MANUFACTURING PRODUCT DEVELOPMENT & COLLABORATION & DISTRIBUTION & CLINICAL TRIALS POLICY ADVOCACY & PATIENT SUPPORT + READ MORE AT INVESTORS.CSL.COM CSL’s people More than 29,000 people with diverse skills that drive the CSL’s Values and purpose Solutions for unmet needs Opportunities to improve and protect the quality of life of patients and communities in CSL’s therapeutic areas Business partners Accessing and sharing intellectual know-how to develop and innovate CSL products Physical assets Plasma donation centres to collect vital raw material, manufacturing facilities for CSL products, warehouses, research and development facilities and offices for CSL’s people Natural resources Plasma donations for rare and serious diseases; influenza virus strains for vaccine manufacture; iron sources (including synthetic) for iron-based products; and environmental inputs such as water and energy to enable reliable supply of therapies and vaccines to patient communities Financial resources Cash, equity and debt for future growth 14 Performance
WHAT CSL DOES THE VALUE CSL CREATES Provide a safe, rewarding and productive workplace for promising futures Powered by research and development to identify new indications for CSL’s existing products, and innovative new products for patients and public health Collaborative partnerships Partnering to expand CSL’s global impact and reach Driven by safety, quality, reliability, and innovation in CSL’s operations, while embedding environmental and social considerations into work practices and responsibly sourcing materials and inputs Seek to provide sustainable financial growth with a focus on revenue and margins Empowering CSL’s people through rewarding jobs, career development opportunities and professional training, while creating economic opportunities for CSL’s people and their communities. A healthier society, with enhanced scientific knowledge and skills through strong collaborations and positive outcomes, leading partnerships and high standards of integrity in development of CSL’s products. Creating economic opportunities for CSL’s business partners and the communities they operate in. CSL works with partners allowing the Company to create shared value, while extending capabilities throughout the value chain. Producing life-saving and life-protecting products for public health. CSL’s facilities are critical for the development and manufacture of CSL’s products, while providing a safe and productive workplace. Protecting global health and the wellbeing of individuals, families, businesses and communities from life‑threatening and/or complications resulting from influenza. Saving and/or improving the quality of life of hundreds and thousands of people with rare and serious diseases. Healthier people are able to participate and contribute to society, both socially and economically. See Healthier World page 26 for more. Delivering consistent, profitable and responsible growth for CSL’s investors, which fuels innovation and economic prosperity for multiple stakeholders. 15 CSL Limited Annual Report 2024/25
CSL Behring exists to meet the needs of patients with rare and serious diseases, and those suffering from trauma-related bleeding. Plasma-derived therapies (PDTs) form the core of the portfolio. Patients are the core focus. CSL Behring consists of three vertically integrated components that span the journey from donor to patient. In plasma collection the focus is on three areas; enhancing collection efficiency, reducing the unit acquisition cost and providing a world-class experience for donors and communities. CSL Behring’s manufacturing capability is focused on: • fractionating and transforming plasma into a portfolio of innovative PDTs, and • delivering supply of CSL’s recombinant medicines. CSL Behring’s commercial and medical teams around the world are engaged with healthcare providers, payers and key stakeholders, working to meet patient needs and to deliver successful launches of CSL’s life-saving therapies. This helps provide access to more people with rare and serious diseases. One of CSL Behring’s key priorities is sourcing sufficient and sustainable volumes of plasma to meet the growing need for CSL’s medicines. PDTs have a 9–12 month manufacturing cycle, which is more complex than other pharmaceutical products. These products are vital for patients in need, and can transform their lives. CSL Behring commits to reducing the cost per litre of plasma. The aim to increase yield for immunoglobulins (Ig) and albumin through data analytics, smarter plasma allocation and implementing an operational excellence program. In plasma collection, the Rika collection device and individualised nomogram, iNomi™, enables CSL to collect the optimal amount of plasma from donors. These avenues to yield improvement through technology and innovation are critical to CSL’s ability to increase the supply of therapies to patients. There is significant opportunity for continued global immunoglobulin (lg) growth as the market expands. Within this growing market, PRIVIGEN® and HIZENTRA® are expected to gain share. CSL Behring plays a leading role in Ig and will continue to identify expansion opportunities. CSL expects the global haemophilia B market to grow in coming years due to the steady prevalence of the disease and the launch of novel treatments, including gene therapies. As this market grows, CSL Behring will look to expand its portfolio. The hereditary angioedema (HAE) market may also grow due to improved diagnosis rates and new prophylaxis therapies. ANDEMBRY® (garadacimab), CSL’s next generation HAE therapy, is now approved in US, European Union (EU), United Kingdom (UK), Japan, Switzerland, Australia and the United Arab Emirates. It is available in US, Japan, Germany and Greece. CSL Behring has built on its leadership position and continues to innovate across rare and serious diseases. + READ MORE AT INVESTORS.CSL.COM CSL’s Businesses and Outlook US$11,158m CSL Behring revenue 16 Performance
The FY2025 financial year was dynamic for the vaccine market and CSL Seqirus generated positive growth. Over the short term, two current trends will likely continue. First, the exciting acceleration of new vaccine technologies. CSL Seqirus is well positioned with its technology platforms (cell-based, adjuvants, and sa‑mRNA). The second trend is reduced rates of immunisation following the pandemic, particularly in the United States. However, the European vaccination market is stabilising. Against this backdrop, CSL Seqirus maintained commercial discipline in a competitive market. The business expects to continue to drive growth through life cycle management, which will allow CSL to deliver ongoing value to public health systems. Seasonal influenza remains one of the most consequential vaccine preventable diseases due to its significant morbidity and mortality, with unmet need across all populations, and with particular risk to the very young, due to immature immune systems and in older adults where immune systems start to wane over time. CSL Seqirus’ growth continues to be underpinned by its differentiated products – FLUAD® and FLUCELVAX® designed to help address these unmet needs. FLUAD® received preferential recommendation in Germany for people aged over 60 years. Additionally, CSL is advancing key development programs, including aTIVc with the goal of leading important innovation to further address the unmet need within the influenza vaccine space. CSL is also keen to bring the anticipated benefits of sa‑mRNA COVID vaccine to market. During FY2025, KOSTAIVE®, a self-amplifying mRNA COVID-19 vaccine, for individuals 18 years and older, received regulatory approval from the European Commission and was launched by CSL’s partner in Japan. The CSL Seqirus strategy focuses on four key pillars: 1. C ontinue to grow the influenza franchise, further evolving its portfolio to innovative differentiated products that address unmet public health needs. 2. C ontinue to build on influenza pandemic and pre‑pandemic leadership. Pandemic preparedness is a critical public health imperative and an important part of the CSL Seqirus business as it leverages core capabilities and unique partnerships with governments and other key stakeholders. T oday, CSL has more than 30 agreements with governments around the world where it is uniquely positioned to respond to an influenza pandemic. With CSL Seqirus’ ongoing investments to continually enhance manufacturing capabilities and network, development of CSL Seqirus’ sa‑mRNA platform, and the strong collaborations with governmental partners, CSL Seqirus is well positioned to respond to the public health need in the event of a pandemic. 3. B roaden global portfolio beyond influenza. CSL is excited about its self‑amplifying mRNA technology that CSL hopes will lead to the next generation COVID‑19 vaccine. 4. Continue to invest in manufacturing capabilities, platforms and partnerships to keep pace with the growing demand for cell‑based vaccines. Looking ahead, CSL Seqirus’ efforts are focused on finalising clinical work and regulatory submissions in major markets around the world, enabling commercial launches over the next one to three years. Over the longer timeframe, CSL’s strategy of differentiation and continuous innovation aims to protect ever‑growing communities around the world and clearly establish CSL’s leadership within the markets it serves. US$2,166m CSL Seqirus revenue 17 CSL Limited Annual Report 2024/25 + READ MORE AT INVESTORS.CSL.COM
Fiscal year 2025 represented a pivotal chapter for CSL Vifor, as CSL has adapted to an evolving competitive landscape and prepared for more than 30 planned product launches across the iron and nephrology portfolios. These launches are designed to significantly broaden CSL Vifor’s global impact and serve as key drivers of future growth and long‑term success. CSL Vifor’s commercial portfolio has remained focused on addressing substantial unmet medical needs, supporting patients worldwide who are living with chronic and rare conditions in iron deficiency and nephrology. In the iron portfolio, CSL Vifor has successfully and effectively navigated a dynamic and increasingly competitive iron market landscape, surpassing expectations through sustained volume growth of its leading intravenous (IV) iron therapy, FERINJECT®. Continued strong performance has been underpinned by strategic and operational initiatives, including agile tendering approaches, a robust launch momentum in new geographies, the inclusion of the pediatric indication in the Chinese National Reimbursement Drug List, meaningful product label enhancements and driving additional value for the CSL Vifor and CSL Behring offerings from Patient Blood Management. Despite these advances, the IV iron market remains under-developed with a limited number of eligible patients receiving the optimal iron replacement therapy. CSL Vifor remains committed to strengthening its leadership and competitive advantage in the iron therapy market and further expanding the market to address the significant unmet medical need. In nephrology, CSL Vifor has made notable progress in expanding its presence across the renal disease spectrum. The successful launches of FILSPARI®, TAVNEOS® and KAPRUVIA® have significantly enhanced CSL’s portfolio in this therapeutic area. CSL’s efforts reflect a comprehensive approach to chronic kidney disease (CKD), offering solutions that span from kidney damage prevention to treatment of complications and dialysis, emphasising rare nephrology. Most recently, England’s National Institute for Health and Care Excellence has recommended FILSPARI® as a treatment option for eligible IgA nephropathy patients, marking it as the first non-immunosuppressive dual-action therapy endorsed for this leading cause of kidney failure. These regulatory and health technology achievements underscore the strong clinical foundation and expanding access for FILSPARI®. The renal disease market is expected to grow particularly in the rare nephrology segment. This growth is driven by demographic trends such as an aging population, the increasing prevalence of CKD risk factors – including diabetes, hypertension, and cardiovascular disease – and the rising demand for innovative treatment options. Looking ahead, CSL continues to launch excellence in nephrology and to expand its position in the renal disease market. Strategic partnerships have remained a cornerstone of CSL Vifor’s growth model throughout fiscal year 2025. Internal and external collaborations continue to play a pivotal role in advancing CSL’s objectives. Joint efforts with CSL Behring have unlocked new opportunities, including the launch of FERINJECT® in Canada and the introduction of new vial sizes for ZEMAIRA® in the United States. Similarly collaboration with CSL Seqirus in Europe has leveraged CSL’s global capabilities while adapting to local market needs delivering meaningful value to patients and contributing to enterprise-wide sustainable growth. + READ MORE AT INVESTORS.CSL.COM CSL’s Businesses and Outlook US$2,234m CSL Vifor revenue 18 Performance
19 CSL Limited Annual Report 2024/25 Global Manufacturing Presence St. Gallen, Switzerland Across the three businesses, CSL operates the following highly advanced manufacturing facilities. Holly Springs NC, US Liverpool, UK Parkville, Australia Tullamarine, Australia Broadmeadows, Australia Bern, Switzerland Kankakee IL, US Marburg, Germany
Platforms, Therapeutic Areas and Product Portfolio CSL research and development leverages its expertise in four strategic platforms – plasma protein technology; recombinant protein technology; cell and genetic medicines; and vaccines technology. PLATFORMS Plasma Protein Technology Recombinant Protein Technology Genetic Medicine Vaccines Technology THERAPEUTIC AREAS These platforms underpin CSL’s five therapeutic areas: 20 Performance
Immunoglobulins Building on CSL’s long heritage of providing patients with immunoglobulin products, CSL continues to optimise the patient experience by developing more convenient and flexible ways to dose and administer immunoglobulin products. CSL’s focus is on serving patients with serious immunologic and neurologic diseases, including primary and secondary immunodeficiencies (PID/SID) and chronic inflammatory demyelinating polyneuropathy (CIDP). CSL’s commitment to innovation is reflected in its exploration of inhaled immunoglobulin as a potential treatment for patients with bronchiectasis, complementing the established ZEMAIRA®/RESPREEZA® product for Alpha-1 Antitrypsin deficiency. Guided by the needs and experiences of patients, CSL is advancing an integrated, patient-centric approach that offers greater convenience and improved patient outcomes. Transplant and Immunology In Transplant and Immunology, CSL is leveraging its deep scientific expertise in immunomodulatory mechanisms to unlock synergies between alloimmune and autoimmune diseases. The goal is to bring life-changing solutions to patients in both transplant and immunology. In Immunology, CSL continues to build on its 40-year legacy in hereditary angioedema (HAE) by expanding our portfolio of therapies to provide optimal treatments for the full range of HAE patients. This includes the recent regulatory approval of ANDEMBRY®, a first-in-class, home-grown recombinant monoclonal antibody, in major markets including the United States, European Union, United Kingdom, Japan, Switzerland, Australia and the United Arab Emirates. Looking ahead, CSL is focused on advancing its leadership in immunology with innovative treatments for select autoimmune diseases of high unmet need, reinforcing its commitment to improving patient outcomes across chronic, complex immune-mediated conditions. Despite advances in transplantation improving short‑term survival, long-term survival remains suboptimal. Therefore, CSL is committed to developing therapies to address conditions that may lead to transplant failure. In haematopoietic stem cell transplantation, acute graft‑versus‑host disease (GvHD) is a life-threatening type of rejection and a leading cause of post-transplant morbidity and mortality. There remains a significant unmet need for more effective, less toxic GvHD therapies and CSL is investigating ZEMAIRA® (Alpha-1 Antitrypsin, AAT) for the prevention and treatment of acute GvHD. For solid organ transplant recipients, CSL is advancing therapies to address immune responses that may lead to transplant organ failure, ideally with less toxic treatment regimens and addressing ischemia reperfusion injury (IRI) which can damage the allograft when blood flow is re-introduced. Haematology Improving and extending the lives of patients with rare bleeding disorders is the focus of CSL’s haematology therapeutic area. Significant progress has been achieved in recent years in the treatment of haemophilia A and B through the introduction of innovative recombinant coagulation factor medicines and HEMGENIX® (etranacogene dezaparvovec), an AAV5 (adeno‑associated virus) gene therapy for the treatment of haemophilia B. CSL’s efforts in haematology focus on addressing the high unmet needs of patients with sickle cell disease, with a dual focus on acute treatment of vaso-occlusive crises and effective prophylaxis to reduce the frequency of sickle cell related events. Additionally, CSL is advancing innovative therapies targeting benign haematological conditions, particularly in haemostasis and thrombosis where there is a high unmet need. With a suite of therapies, CSL is also focused on patient blood management (PBM), aiming to reduce reliance on allogeneic blood product transfusions with the use of coagulation factor concentrates wherever available. CSL’s R&D studies include fibrinogen and prothrombin factor concentrates for use in surgical settings with high risk of major bleeding, as well as intravenous iron therapies to support pre- and post-operative anaemia management. Cardiovascular and Renal Extending the lives of patients affected by cardiovascular and renal diseases continues to be a strategic area of focus. Cardiovascular disease (CVD) remains the leading cause of morbidity and mortality in patients with chronic kidney disease (CKD), particularly those with advanced stages (4–5), where the risk of CVD is significantly elevated. To address this critical need, Clazakizumab, an anti‑interleukin‑6 (anti‑IL‑6) monoclonal antibody is currently in Phase III development for the prevention of cardiovascular morbidity and mortality in patients with end stage kidney disease (ESKD). CSL’s R&D efforts also target acute cardiovascular conditions. CSL301, a first-in-class monoclonal antibody for the treatment of intermediate–high risk pulmonary embolism, is currently in Phase II development. CSL301 inhibits Alpha-2 antiplasmin ( 2AP), preserving plasmin activity and enhancing fibrinolysis to support the breakdown of blood clots. Most rare renal diseases, such as IgA nephropathy and anti-neutrophil cytoplasmic antibody (ANCA)-associated vasculitis (AAV), have limited treatment options and often lead to kidney failure at a younger age compared to most CKD patients. CSL is focused on developing novel therapies to preserve kidney function and delay or avoid dialysis. These efforts complement CSL’s existing therapies, TAVNEOS® and FILSPARI®, which support patients living with rare renal diseases. Vaccines Building on CSL’s foundation of success in developing and marketing a broad range of seasonal and pandemic influenza vaccines, CSL continues to grow with expanded patient age indications and markets for FLUCELVAX® and FLUAD®. Additionally, CSL seeks to advance influenza prevention with the development of aTIVc (adjuvanted trivalent influenza vaccine), which combines the well described benefits of cell-based manufacturing, a higher antigen dose and our MF59® adjuvant. Developing new and advanced vaccines is a strategic priority for CSL with a focus on expanding beyond influenza with approval of the first marketing authorisations in Japan and Europe of its sa‑mRNA COVID‑19 vaccine. As a trusted partner to more than 30 countries throughout the world, CSL Seqirus is the leader in preparedness for pandemic influenza, and strives to meet the evolving global pandemic preparedness needs of governments and health authorities, addressing emerging pandemic threats by building capabilities to provide protection beyond influenza. 21 CSL Limited Annual Report 2024/25
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