CSL just stunned the market with a $10 billion write-down—its biggest ever—but its stock soared 16% in an hour. The hit stems from falling sales at its Vifor acquisition, hit by generics, and weaker demand for Seqirus vaccines, especially in the U.S. Yet investors cheered, betting on a rebound after years of setbacks and management changes. CSL’s latest report shows better-than-expected performance in FY26, with mid-single-digit growth from Behring, easing vaccine headwinds, and cost-cutting efforts signaling a strategic reset. While recovery is far from complete, early signs point to progress—and for those who bought low, it’s already looking like a win.
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