What’s behind CSL’s $US2.6 billion annual loss | The Business | ABC NEWS
Biotech giant CSL reported a full-year loss of $US2.6 billion. Its bottom line was hurt by significant asset impairments, particularly at its Switzerland-based iron deficiency division Vifor — which it purchased for $US11.7 billion four years ago. CSL’s interim chief executive Gordon Naylor said Vifor was “clearly not” a good investment at that price tag, but believes the worst of the decline is happening now. He says the company is focussing on the long term prospects for the subsidiary. Another challenge for the bottom line of the biotech firm is the Trump administration’s stance on vaccines. The US defence Secretary, Pete Hegseth, announced the flu vaccine would no longer be compulsory for military personnel. Mr Naylor says he recognises there’s a headwind upon the industry, but he says “superior vaccines” like CSL’s are favoured.
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