CSL Plunges Most Ever After Impairments, Profit Target Cut
A technician inside the CSL Ltd. laboratory at the company’s headquarters in Melbourne, Australia.
Photographer: Carla Gottgens/BloombergCSL Ltd. plunged the most on record after the Australian biotechnology company cut its full-year outlook and flagged about $5 billion in additional impairments, warning a turnaround will take longer than expected following a review by its interim chief executive.
The stock fell as much as 22% on Monday, wiping about A$10 billion ($7.2 billion) off its market value. The Melbourne-based company said it now expects revenue of about $15.2 billion and net profit of roughly $3.1 billion for the year ending June 30, both at constant currency, as demand trends and market pressures weigh on performance.