The CSL Ltd (ASX: CSL) share price has experienced significant volatility over the last few years following the COVID-19 pandemic. The last year has been challenging for shareholders, as the chart below shows.
The ASX biotech share has a diversified earnings business, yet many of them are facing a challenging operating environment. CSL operates in areas like immunoglobulin products, albumin, HEMGENIX, iron deficiency treatment, plasma and recombinant therapies, and vaccines.
Let's look at the performance of the CSL share price and what would have happened to $10,000.
Image source: Getty Images
A heavy decline for the ASX biotech share
In the past year, the CSL share price has more than halved (it has dropped 51.6%), and it's down 57% from August 2025.
With such a painful drop, a shareholder who had $10,000 a year ago now only has an investment that's worth just over $4,800. A little bit of dividend income may have helped offset a small part of that decline, but investors are certainly facing big losses.
Its latest update demonstrated the problems it's experiencing.
The company now expects FY26 revenue to be around $15.2 billion, while underlying net profit (NPATA) – excluding restructuring costs and impairments – could be around $3.1 billion. Both of those guided figures are both on a constant currency basis.
There were a few different negatives in that update.
In US immunoglobulin, while demand is growing in the mid-to-high-single-digits, consistent with CSL's expectations, reported revenue will reflect CSL's normalisation of channel inventory, resulting in approximately $300 million of revenue being impacted.
Additionally, with its albumin in China, while CSL's share has expanded and volumes have stabilised, market value has declined, resulting in an expected venue impact of approximately $200 million.
CSL also said that impacts from the Middle East conflict, revised HEMGENIX growth and competition in iron collectively resulted in an expected revenue impact of approximately $150 million.
But, on the positive side of things, CSL continues to expect revenue growth in the second half of FY26 for CSL Behring, supported by "underlying demand, ongoing commercial execution and benefits from operational and transformation initiatives".
Finally, the financial performance of the vaccine business (Seqirus) in FY26 is expected to be "moderately stronger than previously anticipated".
It said it expects to recognise approximately $5 billion of impairments across FY26 and FY27.
Is the CSL share price a buy?
Analysts are still feeling somewhat cautious on the business, despite the much lower valuation.
According to CMC Invest, there have been 11 ratings on the business in the last three months, with three buy ratings and eight hold ratings.
The average price target on the CSL share price is $135.28. That implies a possible rise of 16% in the next year.
Despite such a large decline, little recovery is expected, so there could be better opportunities out there.
