Note 3: Revenue and Expenses continued The table summarises the Group's operating revenue by product or service category: Revenue 2025 2024 US$m US$m CSL Behring Immunoglobulins 6,064 5,666 Albumin 1,297 1,209 Haemophilia 1,488 1,313 Hereditary Angioedema 760 733 Peri-Operative Bleeding 913 1,023 Other 598 625 CSL Seqirus Egg based vaccines 116 140 Cell culture vaccines 474 535 Adjuvanted egg based vaccines 901 1,040 Pandemic reservation fees 179 172 Pre pandemic sales 197 59 Other (including in-license) 218 122 CSL Vifor Iron 1,034 1,018 Nephrology - Dialysis 871 786 Nephrology - Non-Dialysis 267 200 Other 53 49 Total revenue from contracts with customers 15,430 14,690 Other income 128 110 Total operating revenue 15,558 14,800 Recognition and measurement of expenses The table summarises the Group's operating expenses by category: Expenses 2025 2024 US$m US$m Borrowing costs 389 420 Lease interest expense 55 56 Fair value losses on financial assets 4 — Total finance costs 448 476 Depreciation of property, plant and equipment (PPE) and right-of-use assets 549 528 Amortisation of acquired intellectual property (IP) 364 301 Amortisation of other intangibles (excluding acquired IP) 104 109 Total depreciation and amortisation 1,017 938 Write-down of inventory 163 177 Employee benefits expense 3,855 3,735 Foreign exchange losses 55 44 Expenses includes finance costs which represents interest expense and borrowing costs. Costs are recognised as an expense when incurred, except where finance costs are directly attributable to the acquisition or construction of a qualifying asset where they are capitalised as part of the cost of the asset. Capitalised interest for qualifying assets during the year ended 30 June 2025 was $68m (2024: $79m). Any difference between borrowing proceeds (net of transaction costs) and the redemption value is recognised in the statement of comprehensive income using the effective interest rate method. Fair value losses on financial assets primarily relates to the Group's investments in venture funds measured at fair value through the profit or loss (Note 11(e)). The resulting changes in fair value are recognised directly to the profit or loss within finance costs at each reporting period. Foreign exchange gains and losses are recorded net within administration expenses in the statement of comprehensive income. 100 Notes to the Financial Statements 100 Financial Report
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