CSL Shares Slump as Disappointing Profit Eclipses Spinoff
A patient receives a vaccine produced by CSL Ltd. in Adelaide, Australia.
Photographer: Carla Gottgens/Bloomberg
CSL Ltd. shares plunged the most on record after the Australian biotech giant reported disappointing earnings, overshadowing a restructuring plan that will see it spin off its Seqirus vaccine business and cut costs by around $500 million a year.
The stock closed down 17% in Sydney trading — wiping around A$22 billion ($14 billion) off its market value — even after the company said full-year net profit rose 17% to $3 billion, slightly above estimates of $2.97 billion.