Echo Law has commenced a class action on behalf of shareholders against CSL Ltd (ASX:CSL) in relation to the Company’s retraction of its medium-term guidance on 19 August 2025 and 28 October 2025 and its announcement to the ASX on 11 May 2026 that it was downgrading its guidance for FY26 revenue and net profit.
CSL Ltd (CSL) Shareholder Class Action
Claim Period
The class action has been commenced on behalf of persons that acquired CSL securities on the ASX between 11 February 2025 and 10 May 2026 (inclusive).
Allegations
The allegations relate to the Company’s medium-term and FY26 guidance, both of which were retracted or downgraded during the claim period, and the reasonableness of the guidance in the context of changes to market conditions for immunoglobulin and albumin products in 2024 and 2025.
Medium-Term Guidance
On 11 February 2025, CSL reaffirmed its medium-term guidance to the market for annual double-digit earnings growth and a return to pre-COVID gross margin levels in Behring by FY29.
On 19 August 2025, CSL declined to reaffirm its target of returning to pre-COVID gross margin levels in Behring by FY29. On 28 October 2025, CSL disclosed that it no longer expected to achieve annual double-digit earnings growth over the medium-term and instead expected to achieve high single-digit earnings growth.
CSL’s share price declined substantially following the 19 August 2025 and 28 October 2025 announcements.
FY26 Guidance
On 19 August 2025, CSL provided guidance to the market for FY26 revenue in the range of $16.2bn - $16.4bn and net profit in the range of $3.45bn - $3.55bn (an increase of . On 28 October 2025 this was revised downwards to revenue in the range of $15.9bn - $16.1bn and net profit in the range of $3.35 - $3.45.
On 11 May 2026, CSL disclosed that it expected FY26 revenue to be $15.20bn and net profit to be $3.10bn. CSL’s share price declined by $19.13, or about 16%.
The claim alleges that, between 11 February 2025 and 11 May 2026, CSL engaged in misleading or deceptive conduct, and breached its obligations of continuous disclosure to the market in relation to the representations made about its medium-term performance, expected FY26 revenue and net profit, and/or information withheld about its likely FY26 performance.
Participation
If you purchased CSL shares between 11 February 2025 and 10 May 2026 (inclusive), you can register for the claim here by clicking the “Register Now” button below. You will also receive regular updates from Echo Law about the progress of the class action if you register your claim now.
Costs
There is no out of pocket cost to participate in the claim.
Echo Law is proposing to act on behalf of group members on the basis that a Group Costs Order will be sought. A Group Costs Order is an order that can be made by the Supreme Court of Victoria, which means that the legal costs payable to the law practice representing the group members will be calculated as a percentage of any award or settlement that may be recovered in the proposed proceeding.
In no circumstances will group members ever be out of pocket by participating in the proposed class action – whether the case is successful or unsuccessful.
Enquiries
If you acquired CSL shares between 11 February 2025 and 10 May 2026 (inclusive) and wish to register for the class action, you can do so by clicking the ‘Register Now’ button above.
You can also contact Echo Law to discuss the proposed class action by sending an email to enquiries@echolaw.com.au or calling Echo Law on +61 (03) 7046 3565.