It's been a tough stretch for shareholders of CSL Ltd (ASX: CSL) shares.
The biotech stock is down 45% over the past 12 months and have fallen 20% so far in 2026.
That's a stark contrast to the broader market, with the S&P/ASX 200 Index (ASX: XJO) down just 3% year to date.
After slipping to fresh 52-week lows on Thursday, the ASX 200 share managed to finish the week on a stronger note, closing almost 3% higher at $138.50.
So, is it finally time to consider jumping into CSL shares?
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Demand remains strong
One of CSL's biggest strengths hasn't changed. The demand for its products remains both strong and highly recurring.
The company is a global leader in plasma therapies and vaccines, supplying critical treatments for chronic and rare diseases. These are not discretionary products — patients rely on them regardless of economic conditions.
That gives CSL shares a defensive edge and provides a stable revenue base, even during uncertain periods.
Momentum is building
While the share price has struggled, the underlying business is showing signs of improvement.
CSL recently reported solid earnings growth, supported by rising plasma collections and improving margins in its core CSL Behring division. The company also continues to benefit from the integration of its vaccine business, Seqirus, which adds another layer of diversification.
Looking ahead, management has guided for continued earnings growth, with expectations that both revenue and profit will build further as operating conditions normalise and efficiencies improve.
In short, the business appears to be regaining momentum — even if the price of CSL shares hasn't caught up yet.
What next for CSL shares?
Another encouraging sign for investors is the outlook from analysts.
Broker sentiment on CSL remains broadly positive, with most maintaining buy or outperform ratings on the stock. The average 12-month price target currently sits at roughly $211.00, implying potential upside of around 53% from current levels.
Some forecasts are even more bullish, with the most optimistic broker suggesting the shares could rally as much as 99%.
That's a strong vote of confidence in CSL's long-term growth prospects.
What are the risks?
Of course, CSL shares aren't without risks.
The company has faced headwinds in recent years, including margin pressure, integration challenges, and currency impacts. Any delays in earnings recovery or weaker-than-expected growth could weigh on the share price.
There's also the broader issue of market sentiment. High-quality healthcare stocks can still fall out of favour, particularly when investors rotate into other sectors.
Foolish Takeaway
CSL shares have been heavily sold off, but the underlying business remains robust.
With strong global demand, improving earnings momentum, and widespread broker support, the pieces appear to be falling into place for a potential recovery.
If that plays out, today's weakness could prove to be an attractive entry point for long-term investors willing to look beyond the recent volatility.
