The CSL Ltd (ASX: CSL) share price had its best day in recent memory on Tuesday.
The biotech giant's shares ended the day 17% higher at $157.82 following the release of its FY 2026 results.
Is it too late to buy CSL shares? Let's see what Bell Potter is saying.
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What is the broker saying?
Bell Potter notes that CSL delivered a result in line with guidance for FY 2026. And while weak on paper, the broker was pleased to see the key CSL Behring business rebound in the second half. It said:
NPATA declined -2% to $3.14b (cc) and was in line with $3.1b guidance. Revenue declined -1% to $15.37b (cc) and was above the $15.2b guidance. FX lifted reported revenue to $15.8b (above VA cons and BPe of $15.4b) but dragged down reported NPATA to $3.10b (in line with VA cons and BPe of $3.1b).
The biggest highlight was in Behring, particularly the rebound in 2H26 Ig sales (+7% at cc or +11% reported) and to a lesser degree albumin declining less than feared (-5% at cc or -1% reported). The excess Ig supply imbalance that was prevalent earlier in CY26 now appears to have largely returned to normalcy based on comments from CSL and its main rivals Takeda and Grifols. Behring gross margin however continued to face pressures, with 2H gross margin of 48.2% the lowest half-yearly result since at least FY17.
The broker also highlights that CSL's FY 2027 guidance was above expectations. It adds:
FY27 guidance for underlying NPAT +5% (cc) is above the +1% growth consensus had been expecting based on the old metric of NAPTA, hence the downgrade cycle has likely eased for the first time in several results despite the expected drag from Vifor in FY27. Investors will have also been buoyed by FY27 guidance for Behring growth at mid-single digits and an expectation of a turnaround in the Behring GM by ~70bps. We have revised our forecasts following the result and guidance, resulting in upgrades of 8%/6%/6% at the NPATA line across FY27/28/29.
Is the CSL share price in the buy zone?
Despite the positives, Bell Potter is sitting on the fence when it comes to the CSL share price.
According to the note, the broker has retained its hold rating with an improved price target of $150.00 (from $120.00).
Commenting on its recommendation, Bell Potter believes that CSL's shares are fully valued at current levels. It said:
Based on the new underlying NPAT metric, CSL trades on a PE multiple of ~19x FY26 and ~18x FY27 earnings, with flat revenue growth and low-to-mid single digit earnings growth expected for FY27. While the result today suggests the worst (by way of earnings declines) is in the rear-view for CSL, we find it difficult to justify a greater premium than is now being attributed relative to global biopharma peers.
