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CSL Limited

Australia · ASX: CSL · Market cap: $88.5B

CSL Limited makes life-saving blood plasma therapies and vaccines.

CSL Limited is a giant healthcare company that operates in two main segments. The first and bigger one is CSL Behring, which turns human blood plasma into medicines. The second is CSL Seqirus, which makes flu vaccines. Together they bring in about $14 billion in annual revenue, and the plasma business alone accounts for roughly 80% of that.

The plasma business works like this: people donate blood plasma, and CSL runs a network of collection centers to gather it. Then it uses a complex, expensive process to separate that plasma into proteins that treat rare and serious conditions. These include immune deficiencies, bleeding disorders like hemophilia, and neurological problems. Think of it as taking crude oil and refining it into specialized fuels. The medicines are hard to make, hard to copy, and often the only option for patients, so CSL can charge high prices. Patients usually don't pay directly; governments, hospitals, and insurance companies do.

The vaccine side, CSL Seqirus, is one of the world's largest flu vaccine makers. It produces seasonal flu shots for both the northern and southern hemisphere flu seasons. This business is steadier but lower margin. CSL has been investing heavily in new plasma collection centers and a next-generation plasma facility in Australia. It also bought Vifor Pharma in 2022, adding kidney and iron-deficiency treatments. The company generates strong free cash flow, which it uses to pay dividends, buy back shares, and fund acquisitions. Founded in 1916 as a government lab in Melbourne, CSL is now one of Australia's largest companies and sells its products in over 100 countries.

Saved answer · last researched 13 Oct 2026

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