CSL Shares Plunge 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. shares dropped the most on record after the Australian biotechnology company cut its full-year outlook and flagged about $5 billion in additional impairments, saying a turnaround will take longer than expected after a review by its interim chief executive.
Shares were down as much as 19% on Monday morning. The Melbourne-based company now expects revenue of about $15.2 billion and net profit of about $3.1 billion for the year ending June 30 — both at constant currency — after demand trends and market pressures weighed on performance, it said in an earlier statement.