CSL 2025 Annual Report

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

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