CSL trades at a discount despite strong global plasma therapy assets and cost-cutting plans.

CSL is currently trading at a discount, even though it owns a leading global infrastructure for plasma-derived therapies that is difficult to replicate. The company is executing a Transformation Program aiming to reduce annual pre-tax costs by $500–$550 million by fiscal year 2028, with 60% of the savings for fiscal year 2026 already achieved. Growth in the Vifor segment is strong, balancing declines in the iron franchise, while new products like ANDEMBRY and HEMGENIX are expected to drive future growth. CSL's valuation remains attractive with a forward EV/EBITDA of 10.24x and forward P/S of 2.73x, presenting a compelling opportunity for patient investors despite some temporary operational challenges.