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
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