CSL Ltd (ASX: CSL) shares closed 1.02% higher on Wednesday afternoon, at $170.00 a piece. For 2026 so far, the shares have fallen 2.09% and it is trading a whopping 40.5% lower than this time last year.
For context, the S&P/ASX 200 Index (ASX: XJO) closed 0.15% higher on Wednesday, is down 0.06% for 2026 so far, and 4.95% higher than this time last year.
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What happened to CSL shares in 2025?
It's no secret that CSL shares have been through the ringer this year. The Australian biotech company's shares suffered a brutal sell-off in mid-August after its FY25 result and surprise restructure announcement.
Two and a half months later, the company's share price dropped another 19.2% to a seven-year low of $170.77 in late-October when it downgraded its FY26 revenue and profit growth guidance.
CSL management originally forecast revenue growth of 4-5% and net profit after tax before amortisation (NPATA) growth of 7-10% for FY26. But in October revenue guidance was downgraded to 2-3% and NPATA growth guidance to 4-7%.
By the end of 2025 it had plummeted nearly 100% from its mid-August peak.
What's ahead for CSL in 2026?
As an Australian-based global biotechnology company focused on developing and delivering biotherapies and vaccines to protect public health, CSL has great growth potential.
CSL's core business is strong and demand for its products has continued to grow globally.
The company is also entering a key investment phase which could help boost its financials and I'd expect investor confidence to follow suit.
Analysts think CSL shares could soar past $270
According to TradingView data, 13 out of 18 analysts have a buy or strong buy rating on CSL shares. The average target price is $232.03, which implies a potential 36.49% upside at the time of writing.
But some analysts think the shares could soar to $271.37 in 2026, which suggests a potential 59.63% upside from the share price at the close of the ASX on Wednesday afternoon.
Morgan Stanley recently confirmed its overweight rating and $256.00 price target on this biotechnology company's shares. Despite all the doom and gloom around CSL at present, Morgan Stanley is very positive on its outlook and expects a recovery this year.
The team at UBS think that CSL shares are materially undervalued at current levels. The broker recently put a buy rating and a $275.00 price target on them.
