Shares of Australian biotech major CSL plunge to 8-year low after CEO departure, weak earnings
Published Tue, Feb 10 2026
6:29 PM EST
Updated 1 Min Ago
Lee Ying Shan@in/ying-shan-lee@LeeYingshanWATCH LIVEKey Points
- CSL announced the exit of Paul McKenzie as chief executive.
- Senior executive Gordon Naylor appointed interim CEO.
CSL employees.
William West | AFP | Getty Images
Shares of Australian biotech firm CSL plunged to an 8-year low Wednesday after it announced the exit of Paul McKenzie as chief executive officer, and posted weak earnings for the first half of its fiscal year ended December.
Shares fell 17% to 151.3 Australian dollars, their lowest since February 2018.
Senior executive Gordon Naylor, who has been with the company for 33 years, has been appointed as interim CEO, effective Wednesday, until a permanent replacement is found.
CSL on Wednesday reported its net profit after tax plunged 81% year on year to $401 million as the drugmaker booked one-off restructuring costs and asset impairments. Revenue dropped 4% to $8.3 billion.
"We are clearly not satisfied with our performance and have implemented a number of initiatives to drive stronger growth going forward," said Ken Lim, CSL's chief financial officer.
The company, which is one of the world's largest producers of flu vaccines, had a market cap of $58.9 billion as of Tuesday, data from LSEG showed.
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