CSL Shares Sink on Seqirus Spinoff and 3,000 Job Cuts

Australian biotech heavyweight CSL will separate its influenza-vaccine arm, CSL Seqirus, into a stand-alone listed company by the end of fiscal 2026 and eliminate as many as 3,000 jobs as part of a sweeping restructuring aimed at streamlining operations and cutting costs. The move, announced alongside full-year results, sent CSL shares tumbling roughly 15% in Sydney trading. For the 12 months ended 30 June, CSL posted revenue of US$15.56 billion, narrowly missing analyst estimates, while constant-currency net profit rose 17% to US$3.09 billion. The board lifted the final dividend to US$1.62 a share and approved a A$750 million share-repurchase programme. Chief Executive Officer Paul McKenzie said the demerger and workforce reduction—equivalent to about 15% of staff—should generate up to US$550 million in annual savings within three years, though CSL expects to book a one-off pre-tax charge of as much as US$770 million. Excluding the vaccine unit, management forecast revenue growth of 4% to 5% in fiscal 2026, reflecting what McKenzie called a renewed focus on the company’s core plasma-based therapies.